Amur Minerals Corp (LON:AMC) said it received an interest payment for the first quarter of 2021 based on its US$4.67mln convertible loan note investment to Nathan River Resources (NRR) to resume production at the Roper Bar iron ore project in Australia’s Northern Territories.
The payment of US$161,206 was received yesterday, the Russia-focused mineral exploration and resource development company said.
During the past quarter, three vessels were loaded and departed for China bringing the total number of shipments from Roper Bar to five since implementation of the loan note investment, which has a coupon of 14% and is convertible to a 13.43% stake in NRR in August 2023.
Over the past quarter, the iron ore price in China has averaged US$166.88 per tonne for benchmark iron ore fines at 62% iron, noted Robin Young, chief executive of Amur Minerals.
“The Nathan River Resources’ Roper Bar Iron Ore Operation continues to benefit from the sustained price increase of more than 50% run up in iron ore during 2020,” he said.
“Mining advisor Robert Marsden has opted to not renew his services agreement with Amur and also to simultaneously step down from his NRR board position assigned by Carlo Holdings prior to its acquisition by Amur. The board of Amur through its wholly owned subsidiary Carlo Holdings has nominated Robin Young as his replacement.”